Loans
Many students and families decide that some type of student loan is necessary to help finance a college education. So you should not hesitate to review your student loan and federal loan options: Think of loans as an investment in your future - as long as you are prepared to meet your responsibilities to pay back what you borrow.
All loans, including student loans, represent debts that must be repaid. The good news is that you do not have to start repaying most student loans until after you leave school or graduate, when you will likely be working and earning a salary. Failure to repay your student loans will have serious consequences.
Loan Advantages
In addition to delayed repayment, most student loans offer various favorable terms and conditions, including:
- Relatively low interest rates, thereby lowering the loan amount you will need to repay.
- Several repayment options or plans from which you may choose.
- Circumstances under which repayment of loans can be postponed.
At PennWest California, the federal government funds nearly 95% of all loans. Mandatory online loan counseling helps students understand the responsibilities that come with borrowing money for college education. Federal Direct Loan entrance counseling must be completed before loans can be disbursed. After a student graduates or drops below half time, exit counseling must be completed in order ensure compliance with federal regulations.
Your Financial Aid Options
Loans are just one of the types of financial aid available to help with college costs. If you follow the steps PennWest California has outlined to help you apply for financial aid and also complete the Free Application for Federal Student Aid (FAFSA), you'll be able to receive the best possible package to meet your financial aid needs.
The Office of Financial Aid is available to help you understand loans and all types of financial aid available to PennWest California students.
Types of Loans
Use these links to learn more about various types of federal loans.
- Federal Direct Loan Program
- Federal Direct Plus Loans for Parents
- Federal Direct Plus Loans for Graduate Students
- Private Alternative Loans
Visit www.studentaid.gov for information about:
- Aggregate Federal Loan Limits
- Code of Conduct
- Federal Direct Loan Interest rates
- Federal Direct Loan 150% Eligibility
- Federal Loan Grade Level and Limits Federal Loan Proration
- Federal Loan Repayment Options
- Public Service Loan Forgiveness Program
- Federal Loan Consolidation
- Federal Loan Default Consequences
- Federal Loan Deferment and Forbearance Options
- Federal Loan Grace Period
Visit www.studentloans.gov to learn about:
- Master Promissory Note
- Entrance Counseling
- Exit Counseling
Other Information
Most lenders and servicers allow students to defer their loan payments while they are enrolled in school at least half time (6 credits for undergraduate students or 5 credits for graduate students). In most cases, students are required to provide proof of enrollment in order to be granted deferment.
Below are the steps to request enrollment verification:
- Log on to your Vulcan Information Portal account at https://vip.calu.edu/.
- Click on the Academic Info tab.
- Go to the Clearinghouse Self-Service section on the bottom left and click the National Student Clearinghouse logo.
- This will open a new window to the National Student Clearinghouse. There you can obtain an enrollment certificate; view your enrollment information on file with the clearinghouse; and view student loan deferment notifications already made by the clearinghouse to your lenders, among other options.
For additional information contact the Office of Academic Records: http://www.calu.edu/current-students/records/index.htm.
Federal Direct Loans must be prorated for undergraduate students if the student's remaining period of study is shorter than an academic year. For example, PennWest California's academic year is considered fall and spring. If a student is only enrolled for the fall semester because he or she is graduating, the Direct Loans must be pro-rated. Pro-ration is based on the number of credits the student is enrolled in and the number of credits in a full academic year.
Overview of Direct Loan and FFEL Program Repayment Plans (from http://studentaid.gov) |
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Eligible Loans |
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*A new income-driven repayment plan, the Revised Pay As You Earn (REPAYE) Plan has been established and will be offered beginning December 2015. REPAYE is similar to the original Pay As You Earn plan, but will extend the repayment plan to an additional 5 million borrowers. Please see NASFAA's chart comparing the five income-driven repayment plans: http://www.nasfaa.org/uploads/documents/idr_plansummary_1.pdf.
Who is my Loan Servicer?
Visit the National Student Loan Data System (NSLDS) to view information about all of the federal student loans you have received and to find contact information for the loan servicer or lender for your loans. You will need your Federal Student Aid PIN to access your information.
The following are loan servicers for federally held loans made through the William D. Ford Federal Direct Loan (Direct Loan) Program and the Federal Family Education Loan (FFEL) Program.
Aspire Resources Inc. |
1-855-475-3335 |
CornerStone |
1-800-663-1662 |
COSTEP |
1-877-292-8639 |
Direct Loan Servicing Center (ACS) |
1-800-848-0979 |
EDGEucation Loans |
1-877-292-7470 |
EdManage |
1-855-479-0490 |
ESA/Edfinancial |
1-855-337-6884 |
FedLoan Servicing (PHEAA) |
1-800-699-2908 |
Granite State - GSMR |
1-888-556-0022 |
Great Lakes Educational Loan Services, Inc. |
1-800-236-4300 |
KSA Servicing |
1-877-292-4825 |
MOHELA |
1-888-866-4352 |
Nelnet |
1-888-486-4722 |
OSLA Servicing |
1-866-264-9762 |
Navient |
1-800-722-1300 |
VSAC Federal Loans |
1-888-932-5626 |
If you have other types of federal student loans, here's how to contact for repayment information.
Federal Perkins Loans - Contact the school where you received your Federal Perkins Loan for details about repaying your loan. Your school may be the servicer for your loan.
Privately Owned Program Loans - Contact your lender for details about repayment options and tools for your loans that are not owned by the U.S. Department of Education